"I want to be truthful with you without creating more speculative headlines," he said. "For some time now, I have been deeply concerned about our country — the growing division at home and our standing in the world."

Schultz has been rumored before as a potential Democratic candidate.

He started at Starbucks in 1982 and served as chief executive from 1987 to 2000 and again from 2008 to 2017.